FX.co ★ Elliott wave analysis of EUR/JPY for February 17, 2017

Wave summary:

We continue to look for a break above minor resistance seen at 121.05 and more importantly a break above resistance at 121.77 that will confirm red wave iii higher to at least 123.47 is unfolding. Short-term we expect minor support seen at 120.65 will be able to protect the downside for the expected break above 121.05. However, a break below 120.65 will delay the expected rally in red wave iii for a move closer to 120.18 before higher again.

R3: 122.01

R2: 121.73

R1: 121.33

Pivot: 120.95

S1: 120.65

S2: 120.18

S3: 120.10

Trading recommendation:

We are long EUR from 120.15 with stop a break-even. If you are not long you yet, then buy a break above 121.05 and use the same stop at 120.15.